short sales: Short Sale Scams are Keeping us Down!
- 07/16/11 06:43 AM
It will be a long time before the abundant number of short sales and foreclosures in this country decreases and becomes a bad memory rather than a crippling reality. I just found this interesting article on CNN Money that talks about how real estate agents are engaging in short sale scams ripping off banks and making a killing on them. The article begins with this excerpt:
"Just as the housing market began to collapse near the end of 2007, a real estate agent in Bridgeport, Conn. asked Regions Bank if it would accept a $102,375 bid on a home that … (2 comments)
short sales: Has BOA Caught The "Countrywide Flu"?
- 09/18/10 02:40 AM
Several years ago I watched as Countrywide Mortgage basically over extended the entire country and in my opinion was the major contributor to the financial crisis we are mired in currently. I was surprised when Bank Of America purchased their assets because I just figured that it would be too much of a Herculean task to sort it out and raise and right that sunken ship. I have a friend that is a mortgage broker at BOA and she says that the assets from Countrywide included locations that helped expand the BOA network and that the purchase was well worth the … (1 comments)
short sales: 2ND MORTGAGEE POSITION IN A SHORT SALE
- 02/26/08 07:02 AM
With short sales becoming commonplace while the real estate market "digests" the poor investments and the slower economy I am wondering if the 2nd mortgage holder ever holds, "the cards" in the negotiation over price. In other words, maybe in a short sale the 2nd mortgage holder will not walk away empty handed... Let's say that a 2nd mortgage is a 5 year note, interest only, balloon payment only due at the end of the 5 years...and right now there are about 3 years left. They surely know that things don't look good if they are watching the news...and perhaps even worse … (2 comments)
short sales: Countrywide Short Sale Primer
- 02/19/08 02:32 PM
Perhaps you are a homeowner or a broker who is trying to market and sell a property that is currently valued less than the mortgage balance and you want to have a "short sale". What should you do? What should you expect? 1) Countrywide is not the only lender with this issue I am sure, but it is only Countrywide that I have worked with...so...first...if your homeowner is up to date on payments then this probably won't happen. Why should a lender take less if the homeowner is making payments? They probably won't. So realize that only clients who are behind (usually … (10 comments)
short sales: The Countrywide Department of "Red Tape"
- 11/30/07 06:34 AM
I have had the pleasure of guiding a client through the infinite hoops and hurtles of The Countrywide Mortgage "Hope Department". And what an eye-opening experience it is. First of all I tried to help with getting their sub-prime mortgage rate lowered. With appraisals on the property coming in lower than the balance due this was not an option. It took 30 calls, countless conversations with their call center in India...re-routed calls to at least 10 different "800" numbers, disconnected calls, and basically the best in run arounds that money can buy. Meanwhile the best advice I could give this person who had … (8 comments)
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